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Econbrowser

Analysis of current economic conditions and policy

“Though wages are rising, inflation is winning the race”

That’s the title of a NPR report.

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This entry was posted on March 10, 2022 by Menzie Chinn.

Oil Price Forecasts: DoE EIA vs. Futures

Forecast as of 3 March, and confidence intervals implied by options.

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This entry was posted on March 10, 2022 by Menzie Chinn.

Inflation in February

Oil prices were on the rise before the invasion, so gasoline prices were up. Headline m/m ticked up, core down. We are below peaks for month-on-month, even if you hear about 40 year highs (on year-on-year).

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This entry was posted on March 10, 2022 by Menzie Chinn.

The Gasoline Intensity of US GDP

Gasoline prices hit new (nominal) highs. But the usage of gasoline per unit GDP (and in absolute terms) has declined since 2008.

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This entry was posted on March 10, 2022 by Menzie Chinn.

The Ruble: Convertible No Longer

From Anders Aslund at Project Syndicate:

And on March 8, the central bank decided to stop exchanging rubles for foreign currencies, which means that the ruble is no longer convertible.

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This entry was posted on March 9, 2022 by Menzie Chinn.

Recession? The Term Spread over the Past Four Recessions

A spate of articles mention the possibility of recession [1] [2]. Here’s the evolution of the 10yr-3mo and 10yr-2yr term spread in the months preceding the last four recessions.

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This entry was posted on March 7, 2022 by Menzie Chinn.

Employment in February

Nonfarm payroll surprises (release) on upside 675K vs. Bloomberg consensus 400K, private NFP 654K vs 478K. The 90% confidence interval for changes is +/- 120K (BLS). Still, the upside surprise does not change the general pattern of key business cycle indicators.

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This entry was posted on March 4, 2022 by Menzie Chinn.

Russian GDP Prospects Visualized

Goldman Sachs cut its 2022 growth estimate from 2% to -7%. I visualize the level of GDP thus:

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This entry was posted on March 3, 2022 by Menzie Chinn.

“Cabaret of Shadows”

A chamber opera with music by Laura Schwendinger, libretto by Ginger Strand, in Houston this weekend.

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This entry was posted on March 2, 2022 by Menzie Chinn.

Market Implied Expected Rates

Interestingly, if implied forwards are to be believed, the Fed won’t be raising rates too fast.

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This entry was posted on March 2, 2022 by Menzie Chinn.

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Authors

James D. Hamilton is Professor of Economics at the University of California, San Diego

Menzie Chinn is Professor of Public Affairs and Economics at the University of Wisconsin, Madison

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Current Indicators

Econbrowser faces the data: (since Apr 30,2025)

Econbrowser recession indicator index: 11.7 (describes  2025:Q1)

The most recent U.S. recession began in 2020:Q1 and ended in 2020:Q2

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